By Ben Simmons

On the day that UK consumer confidence has reportedly maintained a 7-month high, figures from the Bank of England show a marked increase in personal lending, confirming this reported uptick in economic activity.

Total lending to individuals rose by £1.8 billion in January, compared to the previous six-month average of £1.1 billion. The twelve-month growth rate increased by 0.1 percentage points to 1.0%.

Within total lending, lending secured on dwellings rose by £1.6 billion, compared to the previous six-month average of £0.8 billion. The three-month annualised growth rate increased by 0.1 percentage points to 1.1%, while the twelve-month growth rate was unchanged at 0.8%.


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